Hinckley & Rugby Building Society has cut interest rates on three lifetime discount mortgages.
The top 20 Building Society has sliced 0.10 per cent from the rates on three of its popular mortgages offering discounts off the Standard Variable Rate for the whole term.
The 75 per cent max LTV (loan-to-value) mortgage now has a rate of 3.29 per cent, a discount of 2.35 per cent from the SVR. The overall cost for comparison is 3.4 per cent APR.
The 80 per cent max LTV mortgage now has a rate of 3.39 per cent, a discount of 2.25 per cent from the SVR. The overall cost for comparison is 3.5 per cent APR.
And the 85 per cent max LTV mortgage now has a rate of 3.79 per cent, a discount of 1.85 per cent from the SVR. The overall cost for comparison is 4.0 per cent APR.
Hinckley & Rugby chief executive Chris White said: “Thanks to these rate cuts our discount mortgages are even more appealing. We expect them to be very popular.
“The 3.39 per cent rate is very attractive for buyers with a deposit of 25 per cent or more, whilst the 3.89 per cent rate is available for buyers with just a 15 per cent deposit, which brings a great rate into reach for many more people looking to buy a home. Given they are lifetime discounts, these are very competitive mortgages.”
The rate on the 90 per cent max LTV (loan-to-value) mortgage was cut to 4.24 per cent last November, and is a discount of 1.40 per cent from the SVR. The overall cost for comparison is 4.4 per cent APR.
The 75 per cent and 80 per cent max LTV mortgages have arrangement fees of £195. The fee for the 85 per cent and 90 per cent LTV mortgages is £395. All four mortgages have a £695 completion fee. All are available as offset mortgages.
For full details see www.hrbs.co.uk or call 0800 434 6343.
